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The market pullback appears to have bottomed out, but TFSA and RRSP investors can still find top TSX dividend stocks to buy at undervalued prices for portfolios focused on passive income and total returns.
Royal Bank
Royal Bank (TSX:RY)(NYSE:RY) stock rarely goes on sale, but investors can currently buy Canada’s largest bank by market capitalization for less than 11 times trailing 12-month earnings and pick up a solid 4% dividend yield.
Royal Bank trades near $126 per share at the time of writing compared to $149 earlier in 2022. The drop in the share price appears overdone, even as the economy heads toward a potential recession, and investors worry that rising interest rates could trigger a crash in house prices.
Recession risk
Royal Bank’s own analysts predict a mild and short recession next year. The Bank of Canada is raising interest rates to try…
